ICBC contributes $1.12 million AUD to the $12.86 million AUD debt service reserve facility tranche of a $548.76 million AUD syndicated loan for the Acquisition of Australian National University’s Student Accommodation Concession Project (Linked to Record ID#94261, #94262, #94263, #94264, and #94265)

Project narrative

On May 20, 2019, financial close was reached on a deal in which a syndicate of 11 banks — the Bank of China (BOC), the Agricultural Bank of China (ABC), and the Industrial and Commercial Bank of China (ICBC) — provided a $548.76 million AUD ($379.80 million USD) syndicated loan to BSA Finance Company 1 Pty Ltd — a special purpose vehicle owned by AMP Capital Diversified Infrastructure Trust (85%) and AMP Capital Core Infrastructure Fund (15%) — for the Acquisition of Australian National University’s Student Accommodation Concession Project. The $548.76 million AUD syndicated loan was divided into two tranches: a $535.90 million AUD ($370.90 million USD) syndicated term loan facility tranche with a maturity period of three years and an interest rate of BBSY plus a margin of 1.35% and a $12.86 million AUD ($8.90 million USD) debt service reserve facility with a maturity period of three years and an interest rate of BBSY plus a margin of 1.35%. In addition to BOC, ABC, and ICBC the following banks contributed to this syndicated loan: Australia and New Zealand Banking Group (ANZ), National Australia Bank Limited (NAB), MUFG Bank, Ltd., ING Bank N.V., KEB Hana Bank, United Overseas Bank Limited (UOL), Woori Bank, and Sumitomo Mitsui Banking Corporation (SMBC). BOC, ABC, ICBC, as well as ANZ, MUFG, ING, KEB, UOL, Woori, each contributed $45.81 million AUD ($31.70 million USD) to the $535.90 million AUD syndicated term loan facility tranche. ANZ contributed $62.08 million AUD ($42.97 million USD) and SMBC contributed $61.54 million AUD ($42.59 million USD). BOC, ABC, ICBC, as well as ANZ, NAB, MUFG, ING, KEB, UOL, and Woori, contributed $1.12 million AUD ($0.78 million USD) to the $12.86 million AUD debt service reserve facility. SMBC contributed $1.66 million AUD ($1.15 million USD). The proceeds of this syndicated loan were to be used by the borrower to support the acquisition of a 30-year concession held by Infratil for the development of Australian National University (ANU)'s student accommodation facilities in Canberra. The concession, which began as a 34-year concession in 2016 and was due to expire in 2053, covered 4,184 beds across 10 existing residences on the ANU campus. The number of beds rose by an addition 450 after the concession award to meet demands. The concession included facilities management (FM), which the concession company has outsourced to Spotless and would continue after the acquisition. ANU retained responsibility for the operation of the accommodations. In addition to the $548.76 million AUD in debt, the acquisition was supported by $178.38 million AUD ($123.46 million USD) from the sponsors, namely $151.62 million AUD ($104.94 million USD) from AMP Capital Diversified Infrastructure Trust and $26.76 million AUD ($18.52 million USD) from AMP Capital Core Infrastructure Fund. Record ID#94261 captures BOC's $45.81 million AUD contribution to the $535.90 million AUD syndicated term loan facility tranche. Record ID#94262 captures ABC's $45.81 million AUD contribution to the $535.90 million AUD syndicated term loan facility tranche. Record ID#94263 captures ICBC's $45.81 million AUD contribution to the $535.90 million AUD syndicated term loan facility tranche. Record ID#94264 captures BOC's $1.12 million AUD contribution to the $12.86 million AUD debt service reserve facility. Record ID#94265 captures ABC's $1.12 million AUD contribution to the $12.86 million AUD debt service reserve facility. Record ID#94266 captures ICBC's $1.12 million AUD contribution to the $12.86 million AUD debt service reserve facility.